Located in Québec’s northern
Martinière has a historic indicated resource of approximately 591,000 gold ounces, reported by the previous owner,
A review of the geology and the controls on gold deposition at Martinière, has identified a number of attractive exploration targets and opportunities for expansion of the historic resource.
“We are very excited to kick-off our regional exploration program on Martinière, our second most advanced gold project after Fenelon,” stated
“Our team has completed a detailed review of the historic data, as well as re-interpretation and 3D modelling of the geology at Martinière in preparation for this initial drill program and an updated Martinière mineral resource estimate that is to be reported along with the Fenelon maiden mineral resource estimate,” explained Attila Péntek, Vice President Exploration of Wallbridge. “Previous operators, especially
Planned 2021 Regional Drill Program
A surface drill rig was mobilized to the Property this week with plans to complete an approximate 10,000-metre Phase 1 drill program focusing on the following:
- Near-surface targets to extend known mineralized zones along strike with the objective of increasing the open pit portion of the mineral resource (see Fig. 3);
- Targets at depth to follow known high-grade shoots to depth and thereby increasing the underground, high-grade resource potential (see Fig. 4);
- High-priority geological-geophysical targets and isolated historical gold intersections property-wide to discover new mineralized gold zones (see Fig. 2).
The Phase 1 drill program is expected to be completed by the end of October, and the results will be used to prioritize drill targets for a Phase 2 drill program, which will commence right after Phase 1, or in early 2022.
In early August, a second regional drill rig will be mobilized to the
About the Martinière
Martinière is located within Wallbridge’s 910 km2 Detour-Fenelon Gold Trend land package, which extends over 97 kilometres in an East-West direction along the
Gold on the Martinière project was discovered in 1997 by
The Martinière Gold System extends over a known area of approximately 2 by 1.8 kilometres and has been traced down by sporadic drill holes to 700 metres vertical depth, with most drilling, however, focusing only on the top 300 metres from surface. The gold system is divided into the Bug deposits (
The Martinière Gold System is most likely part of the orogenic class of gold deposits and high-grade, structurally controlled gold mineralization is generally surrounded by a broader, lower grade halo. Table 1 compiles highlight historic drill results (> 100 metal factor; metal factor = gold grade multiplied by core length) from Balmoral’s drill programs completed between 2011 and 2017.
Table 1. Martinière Highlight Drill Results (> 100 Metal Factor) from 2011-2017 Drilling by
Hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Metal Factor (1) | ||
MDE-14-143 | 88.30 | 116.40 | 28.00 | 170.70 | 4785 | ||
MDE-12-29 | 166.00 | 173.80 | 7.80 | 117.30 | 913 | ||
MDE-15-166 | 118.80 | 163.20 | 44.50 | 18.10 | 806 | ||
MDE-15-170 | 105.50 | 116.40 | 10.90 | 21.90 | 240 | ||
MDW-13-88 | 97.30 | 123.30 | 26.00 | 9.10 | 237 | ||
MDE-12-39 | 35.60 | 36.50 | 1.00 | 195.50 | 190 | ||
MDW-11-04 | 80.30 | 100.70 | 20.40 | 8.80 | 180 | ||
MDE-14-145 | 59.00 | 138.20 | 79.20 | 2.20 | 176 | ||
MDW-11-17 | 52.50 | 74.00 | 21.50 | 7.80 | 167 | ||
MDE-12-60 | 172.40 | 174.80 | 2.40 | 67.60 | 165 | ||
MDE-13-122A | 186.60 | 192.80 | 6.20 | 26.40 | 164 | ||
MDE-16-205 | 202.20 | 204.50 | 2.30 | 67.90 | 157 | ||
MDW-11-01 | 106.00 | 118.00 | 12.00 | 12.90 | 155 | ||
MDE-15-173 | 119.10 | 141.60 | 22.50 | 6.90 | 154 | ||
MDE-12-72 | 25.70 | 32.50 | 6.70 | 22.60 | 152 | ||
MDE-12-65 | 60.60 | 80.30 | 19.70 | 7.70 | 151 | ||
MDE-15-175A | 172.00 | 187.70 | 15.80 | 9.00 | 142 | ||
MDE-12-56 | 106.00 | 107.00 | 1.00 | 138.00 | 138 | ||
MDE-16-242A | 162.20 | 240.40 | 78.20 | 1.60 | 127 | ||
MDE-15-184 | 74.90 | 83.40 | 8.50 | 14.70 | 125 | ||
MDW-11-19 | 135.50 | 164.10 | 28.60 | 4.20 | 121 | ||
MDE-15-168 | 199.40 | 210.40 | 11.00 | 10.90 | 120 | ||
MDE-16-221 | 110.90 | 137.80 | 26.90 | 4.40 | 118 | ||
MDE-14-143 | 395.30 | 402.80 | 7.50 | 15.50 | 116 | ||
MDE-16-218 | 148.70 | 189.00 | 40.30 | 2.80 | 112 | ||
MDE-12-20 | 41.00 | 50.30 | 9.30 | 11.30 | 105 | ||
MDE-12-83 | 18.10 | 27.00 | 8.90 | 11.70 | 105 | ||
MDE-11-01 | 57.00 | 75.60 | 18.60 | 5.60 | 104 | ||
MDW-11-24a | 120.70 | 124.40 | 3.70 | 27.50 | 103 | ||
MDE-16-216 | 206.40 | 231.50 | 25.10 | 4.10 | 103 | ||
MDW-11-22 | 67.50 | 68.90 | 1.40 | 74.50 | 101 | ||
MDW-11-30 | 142.00 | 144.30 | 2.30 | 43.40 | 101 | ||
MDE-14-147 | 288.30 | 296.30 | 8.00 | 12.50 | 100 |
1 gold grade multiplied by core length
2018 Historic Resource Estimate and Updated NI 43-101 Resource Estimate
Balmoral reported a mineral resource estimate for the Martinière project in
These “Resources” are deemed historic and should not be relied upon. The qualified persons of the
The Company has retained InnovExplo to complete an updated mineral resource estimate on the Property which is expected to be published along with the Fenelon maiden mineral resource estimate in the third quarter of 2021.
Table 2. Martinière 2018 Historic Mineral Resources
INDICATED | INFERRED | ||||||||
Au Cut-Off (g/t) | Tonnage (tonnes) | (g/t) | Content (oz) | Tonnage (tonnes) | (g/t) | Content (oz) | Strip Ratio | ||
OPEN PIT MINERAL RESOURCES | |||||||||
0.5 | 6.827,183 | 1.96 | 431,225 | 132,147 | 2.50 | 10,622 | 11.6 | ||
UNDERGROUND MINERAL RESOURCES | |||||||||
2.5 | 1,092,415 | 4.54 | 159,417 | 231,273 | 5.75 | 42,722 | |||
TOTAL RESOURCES AT PREFERRED CUT-OFFS | |||||||||
0.5/2.5 | 7,919,598 | 2.32 | 590,642 | 363,420 | 4.57 | 53,344 |
The assumptions and notes which accompany this initial resource estimate are listed below:
- The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Mr.
Marc Jutras ,P.Eng ., M.A..Sc., Principal ofGinto Consulting Inc. The effective date of the Estimate isMarch 27, 2018 . - These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
- While the results are presented undiluted, the reported mineral resources are considered to have reasonable prospects for eventual economic extraction. The near surface mineral resource is constrained within an optimized open pit shell, while the below pit portion of the mineral resource is reported at an elevated gold grade cut-off.
- The estimate includes several discrete zones/sub-zones of mineralization.
- Resources were compiled at gold cut-off grades of 0.5, 0.7 and 1.0 g/t gold for the evaluation of open pit estimates and at 2.0, 2.5 and 3.0 g/t gold for evaluation of underground estimates (see table below). The base case resource estimate is reported at a cut-off grade of 0.5g/t gold for resources constrained within the optimized pit shell and 2.5 g/t gold for resources outside the pit shell.
- Cut-off calculations for calculating the base case resource used: (all USD figures)
$1.80 /t for overburden removal,$2.00 /t for open pit mining,$50.00 /t for underground mining,$17.00 /t for Processing (for both open pit and underground scenario’s),$2.50 /t for G&A costs and mill recovery rates of 91%. - Gold recovery rates of up to 91% have been achieved in limited testing for the Bug deposit. The Bug deposit comprises the majority of the estimated resource. Gold recoveries of.up to 97% to concentrate, and 72% overall, have been achieved in preliminary testing of theMartinière West Deposit.
- For the open pit scenario pit slopes of 50 degrees were assumed in bedrock and 25 degrees in overburden.
- Calculations used a USD/CAD exchange rate of 1.22 and a gold price of
US$1,300 in keeping with current long-term consensus estimates. - Cut-off grade calculations would have to be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, and mining costs).
- Density values were estimated for all lithological units from measured samples. Density values for the mineralized zones were calculated from a measured density database.
- The resource was estimated using
Vulcan software. The estimate is based on results from 490 diamond drill holes (91,988 m). The cut-off date for the drill hole database isJanuary 30, 2018 . - High grade capping was done on composited assay data and established on a per zone basis.
- Compositing was done on drill hole intercepts falling within the mineralized zones (composite length of 1.0 m).
- Resources were evaluated from composited and capped drill hole assays using3-pass ordinary kriging and inverse distance squared interpolation methods in a block model (block size = 2.5 x 2.5 x 2.5 m).
The Mineral Resources presented herein are categorized as Indicated and Inferred based on drill spacing and geological and grade continuity. Based on the nature of the mineralization, a maximum average distance of composites of 40 m was used for Indicated resources in the Bug Deposit and 35 m in the Martinière West Deposit.- Ounce (troy) = metric tonnes x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). Metal contents are presented in ounces.
- The number of metric tonnes and contained ounces were rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects
- The quantity and grade of reported Inferred resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred resources as Indicated or Measured, and it is uncertain if further exploration will result in upgrading them to these categories.
- CIM definitions and guidelines for mineral resources have been followed.
Figure 1. Overview Map of Wallbridge’s Detour-Fenelon land package
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bbf2d3b-b8a1-409d-8234-e8a4694140c0
Figure 2. Geology Map of the Martinière Property
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d4e3482-de30-41f6-b994-0c470a91b0b8
Figure 3. Plan view of the Martinière Gold System
https://www.globenewswire.com/NewsRoom/AttachmentNg/321ee558-068b-4b5a-98ed-1898e1389bcf
Figure 4. Vertical Long Section of the Bug
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bd895ff-1e75-4e7c-b79b-05a72aa7ccd9
Assay QA/QC and Qualified Persons
Drill core samples from Balmoral’s drill programs at Martinière were all submitted for analysis to
Drill core samples from Wallbridge’s 2021 drill program at Martinière are cut and bagged on site and transported to
The Qualified Person responsible for the technical content of this press release is
About
Wallbridge is currently advancing the exploration and development of its 100%‒owned
Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. Wallbridge's land holdings in
Wallbridge is also the operator of, and a 17.8% shareholder in,
This news release has been authorized by the undersigned on behalf of
For further information please visit the Company's website at www.wallbridgemining.com or contact:
President & CEO
Tel: (705) 682‒9297 ext. 251
Email: mkord@wallbridgemining.com
Investor Relations Advisor
Email: vvargas@wallbridgemining.com
This press release may contain certain “forward‒looking statements” within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of
By their nature, forward‒looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes could differ materially from those contained in such statements. These risks and uncertainties include, but are not limited to, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other required approval, the actual results of current exploration activities, fluctuations in prices of commodities, fluctuations in currency markets, actual results of additional exploration and development activities at the Company’s projects, capital expenditures, the availability of any additional capital required to advance projects, accidents, or pandemic interruptions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‒looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company.
The Company does not undertake to update any forward‒looking information, except in accordance with applicable securities laws. The Company believes that the expectations reflected in those forward‒looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward‒looking statements included in this press release should not be unduly relied upon by investors as actual results may vary.
Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure material filed with the securities regulatory authorities in
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Figure 1
Overview Map of Wallbridge’s Detour-Fenelon land package
Figure 2
Geology Map of the Martinière Property
Figure 3
Plan view of the Martinière Gold System
Figure 4
Vertical Long Section of the Bug Lake Trend
2021 GlobeNewswire, Inc., source